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Special Guest-Hosted Trainings
Community Land Trust Training: September 19
Join Minnesota Housing next week for the Community Land Trust training with Jeff Washburne, the Administrator of Minnesota Community Land Trust Coalition. In this training you will learn about the land trust model and how it works. You will learn about the impact Community Land Trusts have with supporting affordable sustainable homeownership in Minnesota. Bring your questions - this will be a great opportunity to ask the expert. Register Today!
Fannie Mae & Freddie Mac Training: October 17
In October we will have representatives from Fannie Mae and Freddie Mac presenting information on our exclusive conventional loan products. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
Reminder: Loan Officer NMLS Required in System
Our commitment system was recently updated, so all Start Up and Step Up loans now require a valid Loan Officer NMLS ID in order to print documents or lender certify the loan. Without a valid Loan Officer NMLS ID, lenders will receive a warning and error message and will be unable to complete the desired actions in the system.
To fix the error, contact your web administrator. Your company’s web administrator must add the Loan Officer’s NMLS number to the loan commitment system. Verify the Loan Officer’s national NMLS number shows as Active.
Please contact Partner Solutions Team if you have additional questions.
Assignment of Mortgage for Second & Third Liens
Minnesota Housing requires valid assignments of mortgage for all downpayment and closing cost assistance loans. If U.S. Bank cites a loan file deficiency and requests the loan amount be added to the assignment of mortgage, it needs to be corrected and re-recorded.
Minnesota Housing does not require a specific assignment of mortgage form for all downpayment and closing costs assistance loans (MPL, DPL, DPL+, and First-Generation Homebuyer Loan Program). We do recommend that lenders use the Assignment of Mortgage by Business Entity (Minnesota Conveyancing Blank 20.3.2 (2011)) developed by the Minnesota Department of Commerce. Lenders may also use their own internal assignment of mortgage document. It is the lender’s responsibility to ensure that all fields are completed, including the document number of the mortgage being assigned (if applicable).
If the document number of the mortgage being assigned is unknown, the lender should include loan specific information that will allow the mortgage being assigned to be identified in the future. We recommend including the loan amount being assigned to Minnesota Housing, typically added on the “executed by…” line of the conveyancing blank.
As an example: The assignor’s interest in the Mortgage dated ___[insert date]___, executed by___ [insert borrower name], as mortgagor, to ___[insert lender name here]__in the amount of $[loan amount being assigned]___, as mortgagee, and recorded on ___[this will be blank], as Document Number ___[this will be blank], in the Office of…
Please contact the Portfolio Management team at mnhousing.portfolio@state.mn.us if you have additional questions on completing a valid assignment of mortgage.
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Join Us at an Upcoming Event
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We partner with lenders and real estate professionals at community events throughout the state to provide information, resources, and unique opportunities to connect and empower Minnesotans to succeed in their housing goals.
Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
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Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8 a.m. and 5 p.m. on business days.
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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